Mrs. Stevens deposited $4,500 in a college savings account for her grandson that earns an annual simple interest rate of 6.5%. How much interest will be paid in 10 years?

$ 2925

Step-by-step explanation:

since i = prt, so:

4500 * 6.5% * 10

Therefore, you will get the answer $2925

PS: for the formula: I = PRT, I represents the money you earn when you deposit money in the bank for several years. P is the principal which is also the money you deposit into the bank at the beginning. R represents the rate of interest, which is the percent of interest of your principal. Last but not least, T represents the time you deposit ur money into the bank. But notice that the time is years. Which means 1 year is 1, 5 years are 5, and 9 months are 9/12 year.

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